Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS LTD GRANTS DEFERRED SHARE UNITS COMPENSATION TO INDEPENDENT DIRECTORS

Voyageur Pharmaceuticals Ltd. has issued 1,020,055 deferred share units (DSUs) to directors of the company pursuant to its fixed 10-per-cent equity incentive compensation plan. Each DSU represents a right of the holder to receive one common share ("Common Share") of the Company effective as of the date that the holder ceases service as a director of the Company. The DSUs are used to compensate directors of the Corporation for their annual retainers and are issued quarterly using a deemed value that is equal to the weighted average share price during that quarter. The DSUs do not have an exercise price but in respect of 628,255 DSU have a starting value equal to approximately $0.04974 per DSU, based on the weighted average share price for the quarter ended December 31, 2023 and in respect of 391,800 DSU have a starting value equal to approximately $0.07976 per DSU, based on the weighted average share price for the quarter ended March 31, 2024. The DSUs are subject to the terms of the Plan and the policies of the TSX Venture Exchange (the "Exchange") and are subject to Exchange approval. The DSUs and any Common Shares issued pursuant to the exercise of the DSUs are subject to a four month hold in accordance with the policies of the Exchange.

About Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company trading under the symbol VM on the TSX Venture Exchange, is in development of barium, iodine and carbon fullerene Active Pharmaceutical Ingredients (API) and high-performance, cost-effective imaging contrast agents. With a strategic focus on vertically integrating the barium, iodine and carbon contrast imaging market, Voyageur aims to become a key player by producing its own barium, iodine, and fullerene minerals and drugs.

Voyageur's business plan is set to generate cash flow by partnering with established third-party GMP pharmaceutical manufacturers in Canada, ensuring the validation of its products by regulatory agencies worldwide. As the Corporation solidifies its presence in the market, it will transition into a high-margin domestic manufacturer of radiology drugs, further expanding its revenue streams.

Voyageur is committed to sustainability and environmental stewardship. The Corporation envisions a future where carbon neutrality is the norm, and to achieve this, it plans to build state-of-the-art carbon-neutral infrastructure. By investing in carbon neutral energy sources and sustainable manufacturing practices, it aims to become 100% carbon neutral across all its manufacturing activities. Voyageur's commitment to the environment sets it apart as a pioneer in the industry.

At the core of the Corporation's operations, Voyageur owns a 100% interest in a barium sulphate (barite) project, the Frances Creek property. Additionally, Voyageur holds interests in a high-grade iodine, lithium, and bromine brine project situated in Utah, USA, further bolstering its position in the industry. Voyageur also owns a 100% interest in two battery mineral projects which focus on copper/zinc development.

Voyageur's ambitious vision is to become the first vertically integrated, carbon-neutral company in the imaging contrast media drug market. By controlling all primary input costs, from the sourcing of raw materials to final production, it plans to ensure unmatched quality and cost efficiency. Voyageur embodies the motto of " From the Earth to the Bottle ," highlighting its commitment to responsible sourcing and manufacturing practices.

We seek Safe Harbor.